Global Financial Planning

As a result of the release of the Global Financial Planning Standard by the Financial Planning Standard Board in April 2023, the Institute of Financial Planners of Hong Kong (IFPHK) has adopted the FPSB Global Financial Planning Standard (GFPS) effective January 1, 2025. This significant milestone reflects our commitment to elevating financial planning standards in Hong Kong and aligning with international best practices.

Financial planning standards reflect today's trends, challenges, and best practices. They are designed to improve the quality and consistency of financial planning services around the world.

The updates to the global standards include a new knowledge domain of the psychology of financial planning, new technical content on crypto finance and evolving investment strategies and a set of practice guidelines to demonstrate how FPSB's Global Financial Planning Standards relate to one another and can be applied practically to real-world clients. The updated global standards are organized under the framework of Knowing-Doing-Being that:

Knowing: covers the body of knowledge

Doing: covers the financial planning process, core practices, practice standards, abilities and professional skills

Being: covers the financial planner code of ethics and professional responsibility

The changes are intended to ensure that all candidates have the knowledge and skills to meet client's evolving needs.

As a result of the adoption of the GFPS, we will establish a standard that emphasizes ethical behaviour, competence, and client-focused approaches. The GFPS encourages ongoing professional development that will help them stay updated with the latest trends and practices in financial planning. With the adoption of the GFPS, our members will benefit from greater recognition in the global financial planning community, facilitating cross-border opportunities and collaboration.